WASHINGTON - In a letter to the New York City Council, the Office of the Comptroller of the Currency has reiterated its stance that national banks have the right to set and charge fees for automated teller machine transactions under the federal National Bank Act, and this law pre-empts state and local restrictions. The letter was sent in response to the council's consideration of an amendment which would prohibit fees on ATM transactions by financial institutions. Consumer advocates in favor of the surcharge ban charge that the OCC has a long history of overly aggressive attempts to pre-empt state authority.
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From the March-28, 2001 issue of Credit Union Times Magazine • Subscribe!
OCC takes a bite out of NY ATM fee ban
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